Citigroup – News Stories About Citigroup - Page 14

May 12, 2008 7:14 PM CDT

High Court OKs Apartheid Cases

Claims against big corporations can proceed in federal court

(Newser) - Apartheid victims can sue corporations that dealt with South Africa’s government before 1995, the Supreme Court said today. But the judges did not render a decision, as four of the nine recused themselves, likely due to personal stock holdings. The claims seek $400 billion from companies including Exxon, Citigroup,...

Bad News Pummels Stocks

MARKETS

May 9, 2008 3:28 PM CDT

Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn

(Newser) - Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the...

Are Wall Street Banks
Ready to Risk Again?

Apr 28, 2008 9:48 AM CDT

Are Wall Street Banks Ready to Risk Again?

Return to corporate bonds among likely signs crisis is easing

(Newser) - Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert.

Wal-Mart Tops Fortune 500

Apr 21, 2008 4:07 PM CDT

Wal-Mart Tops Fortune 500

Exxon Mobil repeats 2007 performance, finishes second

(Newser) - Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports....

Strong Earnings Propel Rally

MARKETS

Apr 18, 2008 3:22 PM CDT

Strong Earnings Propel Rally

Nasdaq up almost 5%, Dow and S&P jump 4% for the week

(Newser) - Stocks rallied to weekly gains today as the markets absorbed last night's strong earnings report from Google and industrial multinationals Caterpillar and Honeywell recorded unexpected first-quarter growth, Bloomberg reports. Google propelled the Nasdaq up 61.14 to close at 2,402.97. The Dow rose 228.87 to 12,849....

Citigroup Posts $5B Loss,
Will Cut 9,000K Jobs

updated

Apr 18, 2008 7:56 AM CDT

Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

News is worse than expected for nation's largest bank

(Newser) - Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the...

Discover Gobbles Up Diners Club

Apr 8, 2008 3:10 AM CDT

Discover Gobbles Up Diners Club

Firm moves into international credit card market with $165M deal

(Newser) - Discover Financial Services is moving into the global credit card market with its acquisition of Diners Club International from Citigroup, Bloomberg reports. The $165 million deal gives Discover a foothold in the 185 countries outside North America where Diners has a presence, which will add revenue at a time when...

Citigroup Will Pay $33M
to Settle Gender-Bias Suit

Apr 4, 2008 4:44 PM CDT

Citigroup Will Pay $33M to Settle Gender-Bias Suit

Bank plans to change infrastructure as result of action brought by 2,500 women

(Newser) - Citigroup will pay $33 million to some 2,500 female brokers to settle a gender-discrimination lawsuit brought by women at its Smith Barney unit, Reuters reports. The bank will also make operational changes in response to the class-action move, adding diversity-watchdog positions, working to retain and promote female workers and...

UBS Posts $12B Quarterly Loss; Chairman Steps Down

Earnings Report

Apr 1, 2008 6:08 AM CDT

UBS Posts $12B Quarterly Loss; Chairman Steps Down

Swiss bank adds $19 billion in writedowns; chairman steps down

(Newser) - UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask...

Clear Channel, Buyers Sue Banks Over Soured Deal

Mar 26, 2008 6:02 PM CDT

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by...

Stocks Fall on Recession Fears

MARKETS

Mar 26, 2008 3:39 PM CDT

Stocks Fall on Recession Fears

Citigroup's big drop keys bad day for financials

(Newser) - Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422....

JP Morgan CEO Emerges as Wall Street Force

Mar 17, 2008 12:08 PM CDT

JP Morgan CEO Emerges as Wall Street Force

Dimon builds on rep for staying cool in a crisis

(Newser) - JP Morgan Chase CEO James Dimon is a hands-on boss who writes out a detailed to-do list each morning and has managed to keep his company healthy while many of its rivals are ailing or even critically ill, reports the Wall Street Journal. Dimon's focus has been on creating a...

Investors Ask: Who's Next?

Mar 17, 2008 6:54 AM CDT

Investors Ask: Who's Next?

Wall Street survived the near-collapse of Bear Stearns, but there's more trouble ahead

(Newser) - Wall Street, reeling over JP Morgan’s bargain-basement purchase of Bear Stearns, is anxiously watching to see “who’s next” to succumb to the continuing credit squeeze, reports the Financial Times. As investment banks prepare to release first quarter results this week—led by Goldman Sachs and Lehman Brothers...

Bear Bailout Invites the Bears

MARKETS

Mar 14, 2008 3:40 PM CDT

Bear Bailout Invites the Bears

Financial sell-off follows Fed's move, sends markets plummeting

(Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65...

Morgan Stanley Boss Faces Shareholder Pressure

Mar 11, 2008 9:25 AM CDT

Morgan Stanley Boss Faces Shareholder Pressure

Mack lambasted for taking excessive risk, accumulating debt

(Newser) - With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for...

Subprime Lender CEOs Defend Exec Pay

Mar 7, 2008 3:50 PM CST

Subprime Lender CEOs Defend Exec Pay

Merrill, Citi and Countrywide honchos cashed in as companies foundered

(Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the...

House Hits High Bonuses
at Strapped Companies

Mar 7, 2008 7:53 AM CST

House Hits High Bonuses at Strapped Companies

Fat cats to face executive pay hearing

(Newser) - A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former...

Goldman Analysts Warn of Next Crisis

Mar 3, 2008 4:10 PM CST

Goldman Analysts Warn of Next Crisis

Commercial real estate outlook even worse than subprime situation

(Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to...

Spending Spree Puts Abu Dhabi Under Spotlight

Feb 28, 2008 3:23 PM CST

Spending Spree Puts Abu Dhabi Under Spotlight

After US grabs, officials focus on secretive sovereign wealth fund

(Newser) - When Abu Dhabi's investment arm poured $7.5 billion into Citigroup, to bail out America's biggest bank, the move didn't escape notice in Washington. The world’s biggest sovereign wealth fund has been flexing its muscle, making increasingly aggressive investments in foreign interests, the New York Times reports. And though...

Citi Blocks Hedge Fund Withdrawals

Feb 15, 2008 1:35 PM CST

Citi Blocks Hedge Fund Withdrawals

Move is latest black eye for bank's alternative investments

(Newser) - Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last...